richard lui is here. we've been talking about what no deal would mean and the consequences could be dire. >> yes, chris. the fiscal cliff clock ticks on. 53 days to go. if january 1st arrives and washington fails to compromise, experts warn of an economic cataclysm. by the end of next year, unemployment could jump to 1.9% said the congressional budget office. that's almost 2 million more people without jobs. the economy would tumble at a rate similar to 2008's great recession. as much as 4% says goldman sachs. the average household's taxes would rise $3,500, all but a tenth of u.s. households would pay higher taxes. to stop that from happening, washington needs to stop what appears to be good, a plan forged over the last two years to reduce the deficit. at the base of what's being called a drastic plan, letting bush-era tax cuts expire. that leaves $221 billion in the government covers. as i mentioned, at the cost of higher taxes for almost everyone. what's being called sequestration, that reduces costs b